Canadian Stocks – TSX: XUI and the Gartley Set-Up

xiu gartleyTSX:XIU is an exchange traded fund designed to track the TSX 60 Index. From the significant June 4, 2012 lows at an eclipse, I have plotted the Gartley parallelogram as the embedded image in this post shows. I used closing prices for my plot, not extreme highs or lows. In the construct, point B is the September high water mark and point C is the pre-Xmas sell-down that preceeded the Santa rally. Notice how point D projects to the $18.70 level. But, note also that the $18.70 level was actually hit a wee bit before the actual time of point D.

From this, I have to say there is a real danger that the Canadian markets have peaked for now and with Saturn now retrograde and with planetary transit lines (see previous blogs) suggesting we are up against overhead resistance, I am being cautious.

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